Little changed in the basic fundamental news situation for rapeseed on Friday. Vegetable oils as a whole are under pressure. Canola in Winnipeg lost Can$13.80 per tonne to the equivalent of EUR558.23 per tonne on the last trading day of the past week. In Paris, the most traded May date went south by 4 euros to 536.75 euros/t. Palm oil and soybean oil also entered the trade with a red sign. The local supply situation is still plentiful, spot transactions are few, but prices are under pressure overall. Rapeseed meal is stable. Soybeans also went south on the last trading day of the week. In Chicago, it fell by 8.25 US cents/bu in the March contract to 1,506.50 US cents/bu (509.47 euros per ton). Soybean meal fell across the board, in March the contract lost USD 7.50/short ton and closed at USD 463.70/short ton (EUR 467.47/t). The pressure on the soy complex is mainly due to the changed weather conditions in Argentina. Heavy rain was forecast for the weekend and the long-awaited rain came last week.According to the grain exchange in Buenos Aires, about 3 percent of the soybean plants were in good or very good condition. LAST year, at this point in time, 22 percent were still rated in this category. Sowing in Argentina is now largely complete. 95 percent of the targeted areas have been ordered. US export figures were in line with analysts' expectations at 986,000 tons. The announcement of a one-off sale of 220,000 tons of soybeans to a buyer of unknown origin had the effect of limiting losses. Even today, pre-market, the beans are heading south again.
Source
VR AGRICULTURAL
